BlackDiamond Wealth Management Inc. Boosts Holdings in Alphabet Inc. (NASDAQ:GOOGL)

BlackDiamond Wealth Management Inc. boosted its position in Alphabet Inc. (NASDAQ:GOOGL – Get Rating) by 3.6% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,450 shares of the information services provider’s stock after purchasing an additional 223 shares during the quarter. Alphabet comprises 0.8% of BlackDiamond Wealth Management Inc.’s investment portfolio, making the stock its 26th biggest position. BlackDiamond Wealth Management Inc.’s holdings in Alphabet were worth $674,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Cardinal Capital Management Inc. purchased a new stake in shares of Alphabet during the 2nd quarter valued at $41,000. Belmont Capital LLC raised its position in Alphabet by 110.0% in the 2nd quarter. Belmont Capital LLC now owns 21 shares of the information services provider’s stock worth $46,000 after purchasing an additional 11 shares during the period. Newfound Research LLC raised its position in Alphabet by 53.8% in the 2nd quarter. Newfound Research LLC now owns 40 shares of the information services provider’s stock worth $87,000 after purchasing an additional 14 shares during the period. DC Investments Management LLC purchased a new position in Alphabet in the 1st quarter worth $114,000. Finally, Bridgefront Capital LLC purchased a new position in Alphabet in the 1st quarter worth $225,000. 34.06% of the stock is currently owned by hedge funds and other institutional investors.

Alphabet Trading Up 5.3 %

Shares of NASDAQ GOOGL opened at $98.02 on Friday. Alphabet Inc. has a 1 year low of $83.34 and a 1 year high of $151.55. The stock has a market cap of $1.27 trillion, a P/E ratio of 19.47, a price-to-earnings-growth ratio of 1.62 and a beta of 1.09. The firm has a 50-day moving average of $93.03 and a 200 day moving average of $101.55. The company has a debt-to-equity ratio of 0.06, a current ratio of 2.52 and a quick ratio of 2.47.

Alphabet (NASDAQ:GOOGL – Get Rating) last issued its quarterly earnings results on Tuesday, October 25th. The information services provider reported $1.06 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.25 by ($0.19). The business had revenue of $57.27 billion for the quarter, compared to analysts’ expectations of $58.36 billion. Alphabet had a net margin of 23.75% and a return on equity of 26.41%. During the same period last year, the business earned $1.40 earnings per share. As a group, sell-side analysts expect that Alphabet Inc. will post 4.68 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, major shareholder 2019 Gp L.L.C. Gv bought 800,000 shares of the firm’s stock in a transaction on Monday, October 24th. The stock was acquired at an average cost of $17.00 per share, with a total value of $13,600,000.00. Following the completion of the acquisition, the insider now owns 11,522,248 shares of the company’s stock, valued at $195,878,216. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Alphabet news, Director Ann Mather sold 280 shares of Alphabet stock in a transaction dated Tuesday, October 25th. The shares were sold at an average price of $103.23, for a total value of $28,904.40. Following the completion of the transaction, the director now directly owns 11,200 shares of the company’s stock, valued at $1,156,176. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder 2019 Gp L.L.C. Gv acquired 800,000 shares of the firm’s stock in a transaction dated Monday, October 24th. The shares were bought at an average cost of $17.00 per share, with a total value of $13,600,000.00. Following the completion of the acquisition, the insider now directly owns 11,522,248 shares of the company’s stock, valued at $195,878,216. The disclosure for this purchase can be found here. Over the last ninety days, insiders bought 1,461,702 shares of company stock valued at $36,999,217 and sold 190,744 shares valued at $8,564,640. Corporate insiders own 11.44% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on GOOGL. Truist Financial decreased their target price on shares of Alphabet from $136.00 to $130.00 and set a “buy” rating on the stock in a research report on Wednesday, October 26th. Mizuho decreased their target price on shares of Alphabet from $140.00 to $135.00 and set a “buy” rating on the stock in a research report on Wednesday, November 30th. Atlantic Securities decreased their target price on shares of Alphabet to $115.00 in a research report on Thursday, October 27th. Cowen decreased their target price on shares of Alphabet to $135.00 in a research report on Thursday, October 27th. Finally, Royal Bank of Canada cut their price target on shares of Alphabet from $135.00 to $130.00 and set an “outperform” rating on the stock in a report on Wednesday, October 26th. Five equities research analysts have rated the stock with a hold rating, thirty-two have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Alphabet presently has a consensus rating of “Moderate Buy” and a consensus price target of $132.13.

Alphabet Profile

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Alphabet Inc provides various products and platforms in the United States, Europe, the Middle East, Africa, the Asia-Pacific, Canada, and Latin America. It operates through Google Services, Google Cloud, and Other Bets segments. The Google Services segment offers products and services, including ads, Android, Chrome, hardware, Gmail, Google Drive, Google Maps, Google Photos, Google Play, Search, and YouTube.